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Monthly Archives: May 2012

Philip Marris Agrees to Pay $500MM to Resolve LILO and SILO Leasing Transactions

         RICHMOND, VA – May 22, 2012 – Altria Group, Inc. (Altria) (NYSE: MO) today announced that it has executed a Closing Agreement (Agreement) with the Internal Revenue Service (IRS) that, subject to court approval, resolves the federal income tax treatment for all prior tax years of certain leveraged lease transactions (referred to by the IRS…
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“Pennies on the Dollar” – IRS Expands Offers in Compromise!

The IRS has completely revamped its offer in compromise guidelines to greatly increase the number of taxpayers who will be able to qualify. The new guidelines are announced in a news release by the IRS (IR-2012-53, May 21,2012). Our tax attorneys will be revisiting many of the offers in compromise that are pending, and we…
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